I don't think you should rent a space, that's too big of a commitment IMO. In my area, sewing and quilting lessons are usually at my LQS and Joann's stores, or occasionally in the community room at my library. A community center or school might be another idea, although you will want to check availability and rules regarding for-profit endeavors. Classes in my area seem to be priced by the project. For instance, learn to make XYZ baby quilt, student pays for the class, and kit or fabric is usually available for purchase at the hosting shop. You will need to figure out how to handle needed items such as sewing machines, cutting mats, etc. Will the students be required to bring them to class, will YOU provide them, etc.
As far as time of class, that would depend on your students. If they work , they will want classes on the weekends. If they're retired, most likely they will want classes during the week.